WeWork Announces Board Updates

Rhea-AI Summary

WeWork Inc. (NYSE: WE) appoints four new members to the Board of Directors, bringing extensive financial expertise and business experience to strengthen the company's performance, balance sheet, and growth strategy.

Positive

• The addition of the new directors is expected to bring a fresh perspective and renewed commitment to the company's board.
• The deep financial expertise and robust business experience of the new directors will add immense value to the company's strategy of reducing costs, growing memberships and revenue, and strengthening its balance sheet.

Negative

• None.

NEW YORK--(BUSINESS WIRE)-- WeWork Inc. (NYSE: WE), the leading global flexible space provider, today announced the appointment of Paul Aronzon, Founder of PSA Consulting; Paul Keglevic, former CEO, CFO and CRO of Energy Future Holdings; Elizabeth LaPuma, former Managing Director, Head of Balance Sheet Advisory at UBS, and Henry Miller, a Co-founder and retired Partner of Marblegate Asset Management, LLC, to the WeWork Board of Directors with immediate effect.

“These new director appointments bring a fresh perspective and renewed commitment to the Board and our company,” said David Tolley, Interim Chief Executive Officer of WeWork. “The deep financial expertise and robust business experience that each of our new directors bring to the table will add immense value as we double down on sustainably reducing costs, continuing to grow memberships and revenue, and strengthening our balance sheet.”

Paul Aronzon is a strategic financial consultant with extensive experience including successful exchange and tender offers, rights offerings, mergers & acquisitions, financing transactions and corporate reorganization transactions. He founded PSA Consulting in 2019 where he currently provides financial and business advice and fiduciary services. Mr. Aronzon formerly led law firm Milbank, Tweed, Hadley & McCloy LLP’s Global Financial Restructuring Group and was also the Executive Vice President and Managing Director of Imperial Capital. With over 40 years of experience as an attorney and lead advisor with a wide range of companies across various sectors, Mr. Aronzon is an experienced board member with expertise in helping advise companies exploring strategic options to strengthen their performance and balance sheet.

Paul Keglevic previously served as Chief Executive Officer of electric utility company Energy Future Holdings, having also held a number of roles at the company including Chief Financial Officer and Chief Risk Officer. Prior to that, Mr. Keglevic served as an audit partner at PricewaterhouseCoopers LLP (PwC), where he was a member of the U.S. leadership team responsible for their industry program, and in various roles at Arthur Andersen LLP, including as lead of the utilities practice, before joining PwC. Mr. Keglevic is a NACD (National Association of Corporate Directors) certified director with deep expertise in finance and accounting, risk management, regulatory, and operational improvement. He currently sits on the boards of NYSE-listed utility company Evergy and healthcare company Envision, in addition to having served as an independent board member across a wide range of other companies and sectors.

Elizabeth LaPuma has advised on landmark transactions across industries and around the globe for over 20 years and in matters totaling trillions of dollars in value. Ms. LaPuma was most recently the Head of UBS's Balance Sheet Advisory Group, serving as a Managing Director. She previously ran Alvarez & Marsal Asset Management Services Group’s practice, managing a portfolio of assets including a $2.5bn portfolio of debt and equity investments and approximately another $3.0bn of international assets, and has held roles in BlackRock’s Financial Markets Advisory Group and at Lazard Ltd. Ms. LaPuma has extensive board experience having served on boards across a wide variety of industries including Enterra Solutions, a private AI company; Round Hill Capital Group, a real estate investment firm; Surgalign, a public healthcare company; and private equity firm Ventura Capital.

Henry Miller was a Co-founder Marblegate Asset Management, LLC, where he also previously served as Chairman. Prior to that, he co-founded Miller Buckfire & Co., LLC, and served as Chairman, Managing Director and Chief Executive Officer. Prior to this, Mr. Miller was Vice Chairman and Managing Director at Dresdner Kleinwort Wasserstein and its predecessor company Wasserstein Perella & Co. He was also a Managing Director and Head of both the Restructuring Group and Transportation Industry Group of Salomon Brothers Inc., and a Managing Director and Co-Head of Investment Banking at Prudential Securities. Mr. Miller currently serves on the board of advisors of Marblegate Asset Management, LLC and previously served on the boards of American International Group, Inc., Interpublic Group of Companies, Inc. and Ally Financial Inc. He also serves on the Board of Trustees of Fordham University.

Daniel Hurwitz, Vivek Ranadivé and Véronique Laury have stepped down from the Board.

The Board is continuing its search for additional independent directors as well as a permanent Chief Executive Officer.

About WeWork

WeWork (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become the leading global flexible space provider committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences. For more information about WeWork, please visit us at wework.com.

Category: Investor Relations
Source We Work

View source version on businesswire.com: https://www.businesswire.com/news/home/20230808381068/en/

Press

press@wework.com



Investor Relations

Kevin Berry

investor@wework.com

Source: We Work

FAQ

What is the latest announcement from WeWork Inc. (NYSE: WE)?

WeWork Inc. (NYSE: WE) has announced the appointment of four new members to the Board of Directors, along with the resignation of three existing board members.

Who are the new members appointed to the WeWork Inc. (NYSE: WE) Board of Directors?

The new members appointed to the WeWork Inc. (NYSE: WE) Board of Directors are Paul Aronzon, Paul Keglevic, Elizabeth LaPuma, and Henry Miller.

What expertise do the new directors bring to the WeWork Inc. (NYSE: WE) Board of Directors?

The new directors bring extensive financial expertise and business experience, aimed at strengthening the company's performance, balance sheet, and growth strategy.

Who are the board members that have stepped down from WeWork Inc. (NYSE: WE)?

The board members who have stepped down from WeWork Inc. (NYSE: WE) are Daniel Hurwitz, Vivek Ranadivé, and Véronique Laury.